Horseracing tycoons McManus, Magnier and Smith acting in concert at Mitchells and Butlers

Some confusion at Mitchells & Butlers, which is currently awaiting details of a possible bid from yacht loving billionaire Joe Lewis.

Under takeover panel rules, major shareholders in a business facing a bid must declare how much they own in an official statement. Elpida, the investment vehicle of horseracing tycoons JP McManus and John Magnier, duly stated on Monday they held a 20.7% stake.

All well and good. But a matter of hours later came another statement from Elpida, showing an aggregated stake of 24.2% for Elpida and Smoothfield - a company owned by another big name in the horseracing world Derrick Smith.